Eurozone exports to Russia down 14 per cent in 2014

Container cargo

Exports and imports between the Eurozone and Russia have plummeted in the period January to May, figures from Eurostat revealed last week.

The was a 14 per cent decline in exports to Russia in January-June 2014 compared with the same period last year. Imports from Russia are also down seven per cent from €63.7bn to €59bn, making an overall trade deficit of -€26.9bn.

The ongoing crisis in Ukraine, triggered in February when Russian-supported separatists annexed the Crimea region, has led to a series EU imposed sanctions on Russia.

Russia responded earlier this month by placing sanctions on agricultural imports from the EU and USA.